EIOPA · 18
18
- Regulation
- Guidelines on submission of information to NCAs (Preparatory phase)
- Submitted
- 2014-07-23
- Answered
- 2019-10-25
Question
Within our group we have two solo insurance companies and one insurance intermediar. The last one has no premiums or claims, but only commissions (revenue) and costs. Do whe have to present the costs of this insurance intermediar. in COVER-A1A as well? And if so, on which line?
And in which type of undertalking does this insurance intermediar belong? (QRT G01).
Answer
Cover-A1A is only applicable to groups in relation to EEA and non-EEA entities using Solvency II rules. Other Financial Services and equivalent non-EEA entities under D&A method are excluded. Therefore, the commission (revenue) of an insurance intermediary will not have to be reported under Cover A1A. In S.32.01 (G01) an insurance intermediary need to be assessed against one of the 13 types of undertakings defined in the log file – cell D1. In case of doubt, any specific classification have to be discussed between each group and the group supervisor.
This Q&A is published by European Insurance and Occupational Pensions Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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